Trump Signs Executive Orders Rolling Back Dodd-Frank, Fiduciary Rule

As previewed earlier today, moments ago President Trump signed two executive orders aimed at starting the process of rolling back the regulatory system put in place after the financial crisis.
Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading. Specifically, Trump took executive action ordering the review of Dodd-Frank rules enacted after 2008 financial crisis, and halting the “fiduciary rule” that would require advisers on retirement accounts to work in the best interests of their clients.
Wall Street CEOs such as Lloyd Blankfein and Jamie Dimon, tired of being constrained from blowing up the financial world with undue government regulations and relying almost entirely on NIM which stubbornly refuses to rise, have been pushing for changes for years, arguing that the industry has been too constrained by the system put in place by the 2010 Dodd-Frank Act. After Trump focused on limiting trade and immigration during his first two weeks in office, policies opposed by many in the financial industry, the president’s stroke of a pen unleashes a process to undo many of the rules they find most “irksome” as Bloomberg put it.

This post was published at Zero Hedge on Feb 3, 2017.